Article 72(c): Securities Advertisements and Promotional Materials

c. If a securities advertisement includes performance information for a fund or any representations about the performance of a fund or its manager, the securities advertisement must comply with the following requirements:

1) total return information must be shown net of all actual historical expenses of the fund and the securities advertisement may include the total return of a fund that is gross of fees and expenses if the return is presented in addition to, and with no greater prominence than, returns of the fund that are net of actual expenses;

2) total return information for a fund must be presented in comparison to the total return for the same period of an appropriate index or other benchmark disclosed in the Fund’s Terms and Conditions. If the index or other benchmark does not include all elements of total return, the presentation must disclose what elements of return are not included in the index or other benchmark and how that omission affects the comparison of the fund’s total return to the index other benchmark; and

3) the securities advertisement must disclose that the value of an investment in a public fund is variable and may increase or decrease.